Apnimed filed its S-1 for an initial public offering as it prepares for commercialization of its oral obstructive sleep apnea therapy, Oxnimbi (AD109). The biotech plans to raise up to $160 million, targeting a launch supported by FDA acceptance of its New Drug Application and two Phase III trials that met primary endpoints. Oxnimbi is positioned as a non-CPAP option intended to boost neuromuscular pathways that prevent upper-airway collapse during sleep. Apnimed said SynAIRgy and LunAIRo both achieved primary endpoints, supporting the basis for the NDA submission. In the filing, Apnimed outlined use of proceeds for regulatory and commercialization costs, including allocation toward rollout activities for adult patients with mild, moderate, or severe OSA. The company also indicated interest in expanding to adolescent and pediatric populations if approved. The filing highlights renewed investor appetite for late-stage clinical assets in specialty sleep medicine where treatment gaps remain large and patient adherence to existing options is a persistent barrier.